Date:5/2/2012

kthroughs is an inherently uncertain process and the future success of the application of our technology platform to potential new drug candidates is therefore highly uncertain and unpredictable and one or more research and development programs could fail; and (v) certain other important risks and uncertainties set forth in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2012.  Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made.  We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.Nektar Investor Inquiries:Jennifer Ruddock/Nektar Therapeutics(415) 482-5585Susan Noonan/SA Noonan Communications, LLC(212) 966-3650Nektar Media Inquiries:Karen Bergman/BCC Partners(650) 575-1509 Michelle Corral/BCC Partners(415) 794-8662 NEKTAR THERAPEUTICSCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(unaudited)ASSETS March 31, 2012  December 31, 2011 

⁽¹⁾Current assets:Cash and cash equivalents

$
48,485$
5,312Short-term investments

233,624225,856Accounts receivable

10,8034,938Inventory

14,10812,656Other current assets

13,63417,944Total current assets

420,654276,706Long-term investments

116,732173,768Property and equipment, net

75,55778,576Goodwill

76,50176,501Other assets

5,345999Total  assets

$
94,789$
,550LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$
,761$
3,019Accrued compensation

8,18712,807Accrued expenses

7,7596,669Accrued clinical trial expenses

12,72611,953Deferred revenue, current portion

20,00719,643Convertible
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